West Texas Intermediate (WTI) crude oil price monthly 2019-2020

In May 2020, the price for one barrel of West Texas Intermediate (WTI) crude oil stood at 18.56 U.S. dollars. This was a a slight increase compared to the previous month, with low prices a result of the coronavirus pandemic. WTI is also known as "Texas light sweet", and is a grade of crude oil often used as a benchmark for oil pricing. It has an API gravity of around 39.6 and specific gravity of about 0.827, which, relative to other crude oils is considered “light,” hence the name. WTI also contains about 0.24 percent sulfur, making it a “sweet” crude oil.

Price of West Texas Intermediate crude oil, monthly

The price of WTI can be compared to the prices other of crude oils, i.e. UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil. Prices of WTI per barrel are on average lower than those of the two other crude oils. WTI crude oil is also the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts.

U.S. oil production

The recent price development of WTI crude oil relative to Brent crude oil has been influenced by variances in U.S. crude oil transportation and increased U.S. oil production per day. New transportation infrastructure became operational in the United States in early 2013, easing the movement of crude oil in the U.S. midcontinent and raising the price of WTI. Since then, U.S. refineries have increased production of crude oil to record levels, also raising the price of WTI. Meanwhile, expedited crude transport in the U.S. put downward pressure on Brent crude oil as domestic crude replaced some imported Brent crude. Between 2014 and 2016, UK Brent prices dropped rapidly, as was the case for all other crude oils.

Average monthly West Texas Intermediate (WTI) crude oil price from May 2019 to May 2020

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Sources

Release date

June 2020

Region

Worldwide

Survey time period

May 2019 to May 2020

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